Northeast

594-Can-Do-Expressway-Hazleton-Pennsylvania

Endurance Real Estate Acquires 242,960 SF Industrial Building in Hazleton, Pennsylvania

by Taylor Williams April 18, 2019

HAZLETON, PENN. — An affiliate of Endurance Real Estate Group LLC has acquired a 242,960-square-foot industrial building in Hazleton, about 100 miles north of Philadelphia. The property, which is located about a mile from Interstate 81, currently serves as a warehouse/distribution facility with a clear height of 32 feet. Endurance, which is headquartered in metro Philadelphia, acquired the asset from Wisconsin-based printing company Quad Graphics, which is also the building’s former occupant. Endurance plans to implement a capital improvement program that will deliver as new roof, 13 new dock doors, an ESFR sprinkler system, new LED lighting throughout the space and landscaping improvements. John Plower, Chuck Rosien, Kim Jacobsen and Ryan Cottone of JLL brokered the deal on behalf of Quad Graphics.

April 18, 2019

Industrial Leasing Activity Northeast Office Rhode Island

Pharmaceutical Supplier Signs 32,025 SF Flex Lease in Smithfield, Rhode Island

by Taylor Williams April 18, 2019

SMITHFIELD, R.I. — High Purity New England Inc., a manufacturer and distributor of products for the pharmaceutical industry, has signed a 32,025-square-foot flex lease at Smithfield Office Center, about 15 miles northwest of Providence. Dan Cregan of CBRE represented High Purity New England in the lease negotiations. Alden Anderson, also of CBRE, represented the landlord, Thurber Properties LLC. Smithfield Office Center is a 38-acre, 180,000-square-foot campus located off Route 7 at the junction of Interstate 295.

April 18, 2019

Hospitality Loans New York Northeast

Washington Trust Provides $13.5M Loan for Refinancing of Long Island Hotel

by Taylor Williams April 18, 2019

COMMACK, N.Y. — The commercial real estate group of community bank Washington Trust has provided a $13.5 million loan for the refinancing of a 143-room Hampton Inn hotel located in Commack, a city on Long Island. The five-story hotel, which was built in 1988, is situated near the Long Island Expressway and offers standard amenities such as a pool, fitness center, a business center and meeting space. The borrower, an affiliate of hospitality owner-operator Chartwell Hotels, will use part of the proceeds to upgrade the lobby, refurnish the guestrooms and expand the exercise room. Specific loan terms were not disclosed.

April 18, 2019

Acquisitions Mixed-Use New York Northeast

JLL Negotiates Sale of Mixed-Use Building in Manhattan for $11.5M

by Taylor Williams April 18, 2019

NEW YORK CITY — JLL has negotiated the sale of a 12,452-square-foot mixed-use building in Manhattan for $11.5 million. The property, which includes residential and retail space, is situated between the Empire State Building and the Flatiron Building in the borough’s Midtown area and offers proximity to several subway stations. Brendan Maddigan, Stephen Palmese, Winfield Clifford, Ethan Stanton, Michael Mazzara and Clint Olsen of JLL represented the seller, local investment firm, Tsoumpas 157 Group LLC, in the sale. The buyer was private investor Shaun Ajodan.

April 18, 2019

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges Sale of 29,600 SF Shopping Center in Lawrenceville, New Jersey

by Taylor Williams April 18, 2019

LAWRENCEVILLE, N.J. — Marcus & Millichap has arranged the sale of Princeton Plaza, a 29,600-square-foot retail center in Lawrenceville, located roughly midway between New York City and Philadelphia. The asset, which was fully occupied at the time of sale, fetched a sales price of $2.9 million. Shannon Bona led the Marcus & Millichap team in marketing the property on behalf of the seller, a private investor, with help from Mark Taylor and Derrick Dougherty of Marcus & Millichap. Brian Hosey of Marcus & Millichap acted as the broker of record. Additional terms of the sale were not disclosed.

April 18, 2019

Development Multifamily New York Northeast

Extell Development Tops Out 68-Story Residential Building in Brooklyn

by Taylor Williams April 17, 2019

NEW YORK CITY — Extell Development Co. has topped out Brooklyn Point, a 68-story residential tower that will be the borough’s tallest building. Designed by Kohn Pedersen Fox with interiors designed by Katherine Newman of AD100, the property will ultimately offer studio, one-, two- and three-bedroom floor plans. Amenities will include a 65-foot indoor saltwater swimming pool, 35-foot rock climbing wall and yoga studio, Pilates and cycling studios and a squash/basketball court, as well as a spa with an infrared sauna, men’s and women’s steam rooms and a hot tub. Brooklyn Point is situated within City Point, a 600,000-square-foot mixed-use development that offers retail and entertainment space. Units will begin at $850,000 with the first closings slated for early 2020.

April 17, 2019

Leasing Activity Multifamily New Jersey Northeast

Sterling Properties Completes Lease-Up of Four-Story Apartment Complex in New Jersey

by Taylor Williams April 17, 2019

SOMERVILLE, N.J. — Sterling Properties has completed the leasing efforts of Soma, a 69-unit, four-story apartment complex in Somerville, about 45 miles southwest of New York City. The property, which offers studio, one- and two-bedroom floor plans ranging from 594 to 1,290 square feet, is currently at full occupancy. SOMA opened earlier this year and offers amenities such as a fitness center, tech lounge, bike share program and package acceptance. Located at 110 S. Bridge St., SOMA sits less than a mile from downtown Somerville and two blocks from the New Jersey Transit Somerville train station stop.

April 17, 2019

Acquisitions Multifamily New York Northeast

JLL Negotiates $41M Sale of Brooklyn Multifamily Property

by Taylor Williams April 17, 2019

BROOKLYN, N.Y. — JLL has negotiated the $41 million sale of 151 Kent Avenue, a family-owned multifamily property in Brooklyn. The building, which features 46 loft-style units, was fully occupied at the time of sale and is located near several waterfront parks and employment centers. Brendan Maddigan and Ethan Stanton of JLL represented the seller in the transaction. The buyer was a local liability company that was not represented by an outside brokerage firm. Additional terms of sale were not disclosed.

April 17, 2019

Loans Multifamily New Jersey Northeast Seniors Housing

Greystone Provides $24M Loan for Refinancing of Assisted Living Facility in New Jersey

by Taylor Williams April 17, 2019

NEW JERSEY — Greystone has provided a $24 million Fannie Mae loan to refinance a 138-unit assisted living facility in New Jersey. D.J. Elefant of Greystone’s New York office originated the transaction on behalf of Sage Healthcare Partners. Neal Raburn of Greystone’s Atlanta office provided support in structuring, underwriting and closing the transaction. The name and location of the property were not disclosed. The loan carries a 10-year term and 30-year amortization schedule with an interest-only payment period of two years. Greystone originally provided a bridge loan to the borrower to acquire the facility in 2017 and make investments to increase its overall value. The permanent loan enables the borrower to refinance out of the bridge loan and continue with its ongoing facility improvements.

April 17, 2019

Leasing Activity New Jersey Northeast Retail

Cinemark Opens 10-Screen Theater in Watchung, New Jersey

by Taylor Williams April 17, 2019

WATCHUNG, N.J. — Cinemark Holdings Inc. (NYSE: CNK) has opened a 10-screen theater at 1670 Route 22 East in Watchung, N.J., located about 30 miles west of New York City. The theater will feature wall-to-wall screens, oversized recliners, reserved seating services and a party room for private events. The venue will be the third in the state for Cinemark, which currently operates 546 theaters across 41 states and various Latin American countries.

April 17, 2019

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